Trends and Profile NEWS

Wall St Hedge fund insider-trading scam results arrests- Raj Rajaratnam Galleon Probe

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 6, 2009

The FBI has charged 14 people, out of which five have already pleaded guilty, in a case related to the USD 20 million hedge fund insider-trading scam, the largest ever such case in the US.

Besides hedge fund managers, lawyers and corporate insiders, the newly charged persons included former employee of Moody’s Investor Service Deep Shah who has been charged with conspiracy and securities fraud, the FBI said in a statement.

Schottenfeld Group LLC, the firm where three of the people arrested yesterday on insider-trading charges worked, said it was “deeply troubled and shocked” by the allegations against its former employees.

DEFENDANTS IN WALL STREET INSIDER-TRADING CASE

Zvi Goffer network

Zvi Goffer- Schottenfeld Group trader
Emanuel Goffer- Schottenfeld Group trader
David Plate- Schottenfeld Group trader
Craig Drimal- Trader, worked out of Galleon offices
Jason Goldfarb- Attorney in private practice
Michael Kimelman- Lighthouse Financial Group trader

Inside sources allegedly provided information …

Arthur Cutillo- Ropes & Gray attorney
Deep Shah- Moody’s
Ali Hariri- Atheros Communications
Rajiv Goel- Intel
Anil Kumar- Mclinsey & Co.
Robert Moffat- IBM

From which traders allegedly profited

Raj Rajaratnam- Galleon Group
Mark Kurland- New Castle Partners
Danielle Chiesi- New Castle Partners
Ali Far- Spherix Capital
Richard Choo-Beng Lee- Spherix Capital
Steven Fortuna- S2 Capital
Roomy Khan- New York hedge fund consultant
Gautham Shankar- Schottenfeld Group trader

Choo-Beng Lee and Raj Rajaratnam were colleagues almost two decades ago at research firm Needham & Co. Ali Far worked at Rajaratnam’s hedge-fund firm for at least four years. And when Lee and Far opened Spherix Capital LLC in 2007, Rajaratnam invested with them.

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Author : Amarendra Bhushan

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